Market erased weekly gains; courtesy to brutal knock in financials : Angel Broking
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Weekly Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):
"Last Friday's weakness was carried over this Monday as well and hence, Nifty witnessed a decent corrective move on the opening day to test sub-14300 levels. However, the bulls were not ready to give up easily as they came back strong on the subsequent two sessions on the back of overall global optimism. In the process, almost all major sectoral indices registered their new record highs. Everything looked hunky dory until the sudden profit booking took place in the last hour of the weekly expiry. This sell off went on to intensify on the last day of the week to erase all weekly gains to conclude tad below the 14700 mark.